ECB Adds to Push for Joint Oversight of Top Money Managers (1)

European Central Bank staff added their support to a controversial call for more centralized supervision of the European Union’s largest asset managers as the bloc seeks to deepen its capital markets.

“Nationally fragmented oversight leaves room for supervisory blind spots,” ECB staff said in a blog post on Friday. “A more European supervisory framework would ultimately strengthen the sector’s resilience,” they said, recommending an expanded role be given to the European Securities and Markets Authority, or ESMA.

However, such moves have faced substantial industry opposition.

The EU lobby for asset managers EFAMA said last year that it was ...